December 7, 2020 1:45 PM, EST

Luminar Technologies More Than Doubles Post SPAC Merger

Luminar Technologies lidar imagingLuminar Technologies lidar imaging. (David Paul Morris/Bloomberg News)

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Peter Thiel-backed Luminar Technologies Inc. briefly touched an all-time high within days of emerging as a stand-alone company as investor excitement over developers of laser sensors that enable autonomous driving ramped up.

Shares of Luminar more than doubled since it completed its reverse merger with special purpose acquisition company Gores Metropoulos last week, trading above $38 on Dec. 7. Luminar warrants also hit a high, rising more than 200% over the same time, to more than $15.

RELATED: Daimler to Take Stake in Luminar, Diversifying Autonomous Efforts

Velodyne Lidar jumped 16.5%.

Luminar stock graph

Meanwhile, SPACs are bringing more lidar players to market. Bruce Linton’s SPAC Collective Growth Corp. is said to be in talks with Innoviz. And InterPrivate Acquisition Corp. tapped Mountain View, Calif.-based lidar company Aeva in early November. Both SPACs also gained Dec. 7.

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